SAN FRANCISCO — May 20, 2025 — Levi Strauss & Co. (LS&Co.) and Authentic Brands Group today announced that they have entered into a definitive agreement for LS&Co. to sell Dockers® to Authentic for an initial transaction value of $311 million, subject to customary adjustments and closing conditions, with the potential to reach up to $391 million through an $80 million earnout opportunity in future years based on the performance of the Dockers business under Authentic’s ownership.
“The Dockers transaction further aligns our portfolio with our strategic priorities, focusing on our direct-to-consumer (DTC) first approach, growing our international presence and investing in opportunities across women’s and denim lifestyle,” said Michelle Gass, president and CEO of LS&Co. “After a robust process, we are confident that we maximized the value of the business and that Authentic is the right organization to usher in the next chapter of growth for the Dockers® brand. We thank the global Dockers team for their strong commitment and execution to building the brand, which continues to be the authority on khaki.”
With this agreement, LS&Co. is well positioned to reach its potential as a best-in-class omnichannel retailer as it continues to evolve the globally iconic Levi’s® brand from jeans to denim lifestyle while also scaling the Beyond Yoga® brand. LS&Co. remains focused on driving long-term, sustainable profitable growth across categories, channels and regions as it continues to deliver stakeholder value. LS&Co. intends to return approximately $100 million of the net cash proceeds from the transaction to shareholders through share repurchases, in line with its established capital allocation strategy.
“Dockers is a natural fit for the Authentic model,” said Jamie Salter, founder, chairman and CEO of Authentic. “It’s a brand with deep roots, high awareness and a solid foundation in licensing — all things we look for when acquiring new brands. Dockers® played a key role in shaping casual workwear as we know it today, and we see significant potential to build on that legacy and grow the brand across a variety of categories.”
The transaction remains subject to customary closing conditions and is expected to close on or around July 31, 2025, for the Dockers intellectual property and operations in the United States and Canada, and on or around January 31, 2026, for the remaining Dockers operations. In addition, LS&Co. will provide certain transition services to Authentic and its partners for Dockers® through a limited transition period.
BofA Securities Inc. is serving as financial advisor to LS&Co., and Cleary Gottlieb Steen & Hamilton LLP is serving as its legal advisor.
Posted: May 20, 2025
Source: Levi Strauss & Co. (LS&Co.)
